photo credit: Lady AnnDerground
There isn’t any doubt that the subject of a difficult economic environment has had it’s affect on NYC Firm Schools, students and families. Even for those schools with large endowments that have enabled them to essentially give only a passing glance to economy, there is still and astronomical increase in the amount of students and families that have applied or will be applying for Financial Aid in the upcoming year.
As Financial Aid comes in many forms, most people don’t stop to remember that many schools provide Financial Aid from their own budget. Essentially giving a student a drastically reduced tuition. More and more students are dipping into that dwindling bundle of money that schools have tucked away.
Solving the scenario is not as simple as decreasing the FA benefits to incoming students. In fact, much of the FA is now earmarked for students who have already been attending a school, but who’s family now finds themselves in the position of not being able to afford full tuition anymore.
As much as people would like to scoff, the truth is that schools have a high amount of loyalty to those students that they have already invested so much time and effort into. The schools don’t want to lose these students, and so they open up the FA coffers to keep them.
So what does this mean to you, the parent of a child who will be applying to NYC Firm Schools for the 2010-2011 school year? It means that, if you do not need Financial Aid, you may well be ahead of game in applying to schools that have had their FA budget mostly dedicated already.